Update: Xi and Trump Agree to Back Off on Additional Tariffs

China President Xi Jinping and U.S. President Donald Trump agreed to put threatened new tariffs on hold after their two-hour meeting at the Duhau Park Hyatt in Buenos Aires, Argentina, on Dec.1. Photo: VCG

* China and U.S. agreed to not to implement additional tariffs after Jan. 1. The two sides will follow up with negotiations to work toward elimination of all the tariffs

* China agreed to expand imports to fix the trade imbalance. The two sides also agreed to open markets to each other.

(Buenos Aires) — China President Xi Jinping and U.S. counterpart Donald Trump agreed to put threatened new tariffs on hold and keep negotiating a trade pact, following a dinner in Buenos Aires to address their trade conflict that many worry could dampen global economic growth.